The market for telemedicine and remote patient monitoring (RPM) has been rapidly expanding, driven by the Covid-19 pandemic and the need for remote healthcare delivery, according to a report on Monday.
The report by GlobalData, a data and analytics company, stated that RPM devices are estimated to grow to a market value of $1.2 billion by 2025, while the market for telemedicine is projected to reach $185.6 billion by 2026.
RPM devices allow healthcare providers to monitor patients' health metrics from a distance.
This technology provides early detection of health problems and can prevent unnecessary hospital visits, making it an attractive option for both patients and providers.
"Artificial Intelligence (AI) is also being integrated into telemedicine and RPM, enabling providers to analyse data from remote monitoring devices and gain valuable insights into patient health," said Cynthia Stinchcombe, Medical Devices Analyst at GlobalData, in a statement.
Stinchcombe noted that the technology also has the potential to significantly improve patient outcomes as well as reduce healthcare costs.
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In addition to these developments, telemedicine is also becoming more accessible to patients.
Virtual consultations allow patients to connect with their healthcare providers from anywhere, and market growth is being driven by the convenience and cost-effectiveness of virtual visits as well as the availability of high-speed internet and mobile devices.
"The expansion of telemedicine and RPM is expected to continue in the coming years, as these technologies become increasingly vital to the healthcare industry," Stinchcombe said.
"With the ongoing Covid-19 pandemic and the growing demand for virtual healthcare, telemedicine and RPM are poised to play a critical role in delivering healthcare services to patients around the world," she added.
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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
